OpenSea, UniSwap, MagicEden, eBay and others are acquiring NFT aggregation tools and taking a stand to gain market share of the evolving NFT ecosystem.
DappRader's "Dapp Industry Report for Q2" 2022raised, among many points, the idea that an upcoming non-fungible token (NFT) platform war could be on the horizon.
The report, which was provided to Cointelegraph, spoke of howUniSwap had recently acquired GenieandOpenSea purchased Gemin an effort to expand their respective services to include NFT aggregation tools, which “accumulate NFT offers from various trading platforms.” Meanwhile, newer platforms such as Magic Eden and X2Y2 continue to take from OpenSea’s current 75% NFT marketplace dominance.
DappRadar stated, “These acquisitions will most likely pit OpenSea and UniSwap in direct competition with each other in the near future.“ Although OpenSea and UniSwap are well-established entities within the crypto space, they both face competition from outside the crypto industry as well. eBay recently acquired the Ethereum-based,digital art market KnownOriginin an effort to further expand its digital product offering and capabilities in the NFT space.
OpenSea has faced increasing competition with NFT platforms emerging across various blockchains. The report stated that the company “has seen its market share diminished with the arrival of contenders like Magic Eden, LooksRare, and X2Y2.”
CNBCreportedin April that OpenSea had “more than 1.5 million active users.” According to current data from DappRadar, the platform added 66.03 thousand users in the last thirty days, compared to MagicEden’s 272.97 thousand. The same DappRadar data showsMagicEden had 14.1milliontransactionsin the last thirty days andOpenSea onlyhad955.69thousand. The report also stated, “This quarter Magic Eden accounts for 10% of all NFTs transactions.”